Square Wave Partners L.P. Makes New $14.47 Million Investment in Veeva Systems Inc. (NYSE:VEEV)

Square Wave Partners L.P. purchased a new position in shares of Veeva Systems Inc. (NYSE:VEEV) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 68,802 shares of the technology company’s stock, valued at approximately $14,466,000. Veeva Systems makes up 13.9% of Square Wave Partners L.P.’s holdings, making the stock its 3rd largest holding.

Several other hedge funds also recently modified their holdings of VEEV. Cardinal Capital Management raised its holdings in shares of Veeva Systems by 0.3% during the fourth quarter. Cardinal Capital Management now owns 15,727 shares of the technology company’s stock valued at $3,307,000 after purchasing an additional 44 shares during the period. Johnson Financial Group Inc. boosted its holdings in Veeva Systems by 22.7% in the fourth quarter. Johnson Financial Group Inc. now owns 238 shares of the technology company’s stock worth $56,000 after acquiring an additional 44 shares in the last quarter. MassMutual Private Wealth & Trust FSB grew its stake in Veeva Systems by 72.5% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 119 shares of the technology company’s stock valued at $25,000 after acquiring an additional 50 shares during the period. Patriot Financial Group Insurance Agency LLC grew its stake in Veeva Systems by 0.7% in the fourth quarter. Patriot Financial Group Insurance Agency LLC now owns 6,975 shares of the technology company’s stock valued at $1,467,000 after acquiring an additional 51 shares during the period. Finally, Old North State Wealth Management LLC raised its position in shares of Veeva Systems by 0.4% during the fourth quarter. Old North State Wealth Management LLC now owns 15,351 shares of the technology company’s stock worth $3,228,000 after purchasing an additional 55 shares during the period. Institutional investors own 88.20% of the company’s stock.

Insider Transactions at Veeva Systems

In other Veeva Systems news, Director Timothy S. Cabral sold 3,882 shares of the company’s stock in a transaction that occurred on Friday, April 4th. The stock was sold at an average price of $216.83, for a total transaction of $841,734.06. Following the completion of the transaction, the director now owns 5,500 shares of the company’s stock, valued at $1,192,565. This represents a 41.38% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Jonathan Faddis sold 787 shares of the company’s stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $226.20, for a total value of $178,019.40. Following the transaction, the senior vice president now owns 8,668 shares of the company’s stock, valued at approximately $1,960,701.60. This represents a 8.32% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 5,869 shares of company stock worth $1,284,917. 10.30% of the stock is currently owned by insiders.

Veeva Systems Stock Up 0.4%

Shares of VEEV stock opened at $242.48 on Monday. The firm has a market cap of $39.45 billion, a P/E ratio of 59.87, a price-to-earnings-growth ratio of 1.89 and a beta of 0.96. The business has a 50-day moving average price of $228.63 and a two-hundred day moving average price of $226.41. Veeva Systems Inc. has a 12-month low of $170.25 and a 12-month high of $258.93.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. The Goldman Sachs Group downgraded shares of Veeva Systems from a “buy” rating to a “sell” rating and lowered their price objective for the stock from $261.00 to $200.00 in a report on Thursday, January 23rd. Scotiabank increased their price objective on Veeva Systems from $240.00 to $245.00 and gave the stock a “sector perform” rating in a research note on Thursday, March 6th. Morgan Stanley lifted their target price on Veeva Systems from $195.00 to $201.00 and gave the company an “underweight” rating in a research report on Thursday, March 6th. Needham & Company LLC reaffirmed a “buy” rating and set a $270.00 price objective on shares of Veeva Systems in a report on Thursday, March 6th. Finally, Truist Financial boosted their target price on Veeva Systems from $210.00 to $217.00 and gave the stock a “hold” rating in a research note on Thursday, March 6th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat, Veeva Systems presently has a consensus rating of “Moderate Buy” and an average price target of $254.92.

Veeva Systems Profile

Veeva Systems Inc provides cloud-based software for the life sciences industry. It offers Veeva Commercial Cloud, a suite of software and analytics solutions, such as Veeva customer relationship management (CRM) that enable customer-facing employees at pharmaceutical and biotechnology companies; Veeva Vault PromoMats, an end-to-end content and digital asset management solution; Veeva Vault Medical that provides source of medical content across multiple channels and geographies; Veeva Crossix, an analytics platform for pharmaceutical brands; Veeva OpenData, a customer reference data solution; Veeva Link, a data application that allows link to generate real-time intelligence; and Veeva Compass includes de-identified and longitudinal patient data for the United States.